IdeaForge's YETI: A 6,500-Metre Design Target, a Hover Test So Far, and an Army RFI It Has Yet to Qualify For
YETI has completed a tethered hover test of its first demonstrator; 6,500 m is its design altitude. The Army's 2,715-drone RFI is an enquiry it will answer; specs not final.
₹807.65
Aug 28 close; −18.6% from 52-week high
SMALL-CAP
by market cap ≈ ₹4,013 Cr (₹500–5,000 Cr)
₹68.6 Cr
vs ₹12.8 Cr in Q1 FY26
−₹2.6 Cr
vs −₹23.6 Cr; EBITDA +₹4.3 Cr
₹256.8 Cr
Opening FY27 book >₹300 Cr; >20% delivered in Q1
Hover test
First demonstrator, tethered; second in design
What management actually said about YETI
On the Q1 FY27 call (August 11, transcript filed August 18), ideaForge reported that YETI, its middle-mile logistics drone, "achieved its first technical demonstrator milestone, completing a tethered hover test with all subsystems integrated with the second technology demonstrator already in the design phase." That is the current state of the programme: a tethered hover, not a free flight, and not a high-altitude trial.
YETI, in my opinion, is the only platform in the world from whatever we have searched that is designed to take off at 6,500 meters takeoff altitude. No other platform that we are aware of has an ambition of this scale.
The 6,500-metre figure is a design target, stated with the qualifiers "in my opinion" and "from whatever we have searched". The company has not claimed a flight at that altitude. Funding for the programme is a Letter of Intent from the Technology Development Board for assistance of up to ₹151 crore under the RDI scheme, described as low-cost long-term debt released against developmental milestones.
An enquiry, not an order
Asked about the Indian Army's request for information for 2,715 logistics drones, the CEO said: "right now, it is at an RFI stage. We are not aware of what is the final specifications at what altitude that the customer finalized. All of it being required in the YETI domain may also not happen. Therefore, it may be too early to comment on that." The company said it "will be responding to the RFI". No RFP has been issued for it, and no order exists.
Q1 FY27: revenue ₹68.6 Cr, EBITDA positive, order book ₹256.8 Cr to be delivered by Q3
Revenue ₹68.6 Cr vs ₹12.8 Cr a year earlier; gross margin 49% vs 61.7%; EBITDA ₹4.3 Cr vs −₹15.1 Cr; PAT −₹2.6 Cr vs −₹23.6 Cr. Opening FY27 order book above ₹300 Cr, more than 20% delivered in Q1; ₹256.8 Cr remaining at June 30, to be delivered by Q3 as per customer timelines. Management flagged component availability and supply-chain disruption as ongoing constraints.
Read:Results were filed on the evening of August 10, after market close. The next session, August 11, closed 5.0% lower at ₹852.90, and the stock has since drifted to ₹807.65.
BSE filing, Aug 10, 2026 (results); transcript Aug 18QIP and TDB
In July the company completed a qualified institutions placement at ₹795 per share and received the TDB letter of intent for up to ₹151 crore towards YETI. Management described the TDB support as an early endorsement under a new framework; it is an LOI against milestones, not a disbursed loan. Separately, it pointed to public reports of about ₹20,000 crore of drone procurement under the fast-track route, with one opportunity at RFP stage and others expected in the second half of the year.
Price since May
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807.65
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The filings that would move this from target to product
yeti-flight
A free-flight or altitude test of YETI disclosed by the company, and the second technology demonstrator's status.
rfi-to-rfp
Whether the Army's logistics-drone RFI becomes an RFP, and at what altitude and payload specifications.
order-book
Delivery of the ₹256.8 Cr order book by Q3 FY27 (quarter ending December 31, 2026), and gross margin against the 50–55% guide.
tdb
Conversion of the TDB letter of intent into a signed agreement and first milestone disbursement.
YETI is a programme at the demonstrator stage with a stated 6,500-metre design goal. The Army's RFI is an open question the company intends to answer; nothing in the filings ties the two together yet.
The measurable business in the meantime is the ₹256.8 crore order book due by December and the margin at which it is delivered.
Informational and educational content only. Not investment advice.